A Republican Senator says his comments about people spending "every darn penny" they earn on "booze or women or movies" are being misinterpreted.

The House version calls for elimination of the estate tax by 2024, but doubles the exemption before its full repeal. Heirs would inherit the estates tax-free.

As for the people who are not "investing", Grassley slammed them for spending "every darn penny" on useless things.

Twitter users have been responding to Grassley's remarks.

Republican Senator Says Comments About 'Booze or Women' Were Misunderstood

The Des Moines Register published an interview earlier Monday with the quote that drew criticism for Grassley. On the House side, lawmakers have proposed the tax be totally removed by 2024, while the Senate side wants to keep the death tax with the caveat that up to $11 million be labeled as tax-free - which is twice the number of where the charge now stands.

Only the wealthiest 0.2 percent of estates owed any estate tax at last count, according to IRS data and the Center on Budget and Policy Priorities. The House bill initially doubles the limits and then repeals the entire tax after 2023.

Rep. David Young (R-Iowa) and Rep. Steve King (R-Iowa) both applauded the changes in the estate tax and emphasized how the changes would help farms and small businesses.

The estate tax affects a very small - and very wealthy - number of Americans.

The Senate Judiciary committee chairman - whose own assets are worth millions and could be taxed in some circumstances under the previous estate tax - said the law overwhelms small business owners and family-owned farms, who are "forced into spending large sums of their hard-earned dollars on lawyers and accountants to avoid its impact instead of reinvesting in their business", causing a negative impact on overall investments.

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